Automotive Repair and Maintenance Services Market to Register a CAGR of 3.7%, QYResearch, Inc.
Industry: Market Research
Automotive Repair and Maintenance Services market is expected to value worth US$ 866.0 Bn by the end of 2025
Los Angeles, CA (PRUnderground) February 11th, 2020
Passenger and commercial vehicles require Automotive Repair and Maintenance Services to enhance the average age of the vehicle and to adhere to passenger safety. Increasing production of automobiles is likely to contribute to the growth of the market. QY Research thoroughly examines the market and offers a detailed analysis. The alarming rate of road accidents due to the negligence in driving is likely to foster the growth of the market.
A recent market study published by QY Research titled, “Global and China Automotive Repair and Maintenance Services Status and Forecast report” helps to determine the potential growth of the market. The global Automotive Repair and Maintenance Services market is expected to value worth US$ 866.0 Bn by the end of 2025 from US$ 670.4 Bn in 2018, registering a lethargic CAGR of 3.7% from 2019 to 2025.
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Key Takeaways of the Market
- The growing automobile sector is driving the growth of the Automotive Repair and Maintenance Services market due to increasing awareness regarding maintaining the efficiency and smooth functioning of the vehicles
- Presence of local repair shops has led to the growth of the Automotive Repair and Maintenance Services market
- Implementation of Government regulations for passenger safety has resulted in high demand for mandatory installations, repair, and maintenance in vehicles
- Expanding production of hybrid and electric vehicles in the future is likely to result in increasing installations of external battery sources to recharge battery packs leading to an increasing need for Automotive Repair and Maintenance Services
Automotive Repair Segment to Benefit from High Demand for Tires and Batteries for Vehicle Maintenance
The Automotive Repair and Maintenance Services market is divided into type and application segments. The type segment is classified into Automotive Maintenance, Automotive Repair, Automotive Modification, Automotive Beauty, and Others. A huge demand for battery, tires, coating, and paint for refinishing and repair in automobiles is likely to augment the growth of the automotive repair segment. The Application segment is segmented into Commercial Vehicle and Passenger Car.
Increasing Automobile Production to Boost the Growth of the Market in China
Increasing the production of automobiles in the Asia-Pacific region, particularly in China is expected to boost the growth of the market. An increasing number of local players is likely to foster the growth of the market. An alarming rate of road accidents in the Asia-Pacific is compelling vehicle owners to periodically repair and maintain their vehicles. Another important reason for road accidents is the negligence of vehicles resulting in failed automotive components.
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Key Players Engage in Expansion Activities
Some of the major companies of the market are Genuine Parts Company, Autozone, O’Reilly Auto Parts, Advanced Auto Parts, Bosch, Belron International, China Grand Automotive, Driven Brands, Michelin Tyreplus, Zhongsheng Group, Yongda Group, Firestone Complete Auto Care, Monro, Goodyear Auto Service, and Tuhu Auto. Market players are keen to strengthen the distribution network and invest in merger & acquisition, and expansion activities.
About QY Research
QY Research is a leading global market research and consulting company. Established in 2007 in Beijing, China, QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and custom research to help our clients in providing non-linear revenue models and make them successful. We are globally recognized for our expansive portfolio of services.